Tapestry, Inc. (NYSE:TPR) Announces $0.35 Quarterly Dividend

Tapestry, Inc. (NYSE:TPR) announced a quarterly dividend on Thursday, May 9th, RTT News reports. Shareholders of record on Friday, June 7th will be paid a dividend of 0.35 per share by the luxury accessories retailer on Monday, June 24th. This represents a $1.40 dividend on an annualized basis and a yield of 3.64%.

Tapestry has raised its dividend payment by an average of 56.8% per year over the last three years and has increased its dividend annually for the last 2 consecutive years. Tapestry has a payout ratio of 30.6% meaning its dividend is sufficiently covered by earnings. Equities research analysts expect Tapestry to earn $4.55 per share next year, which means the company should continue to be able to cover its $1.40 annual dividend with an expected future payout ratio of 30.8%.

Tapestry Trading Down 1.2 %

Shares of NYSE:TPR opened at $38.50 on Thursday. The stock has a 50 day moving average of $43.78 and a 200 day moving average of $38.63. The company has a market cap of $8.83 billion, a PE ratio of 9.72, a price-to-earnings-growth ratio of 0.81 and a beta of 1.61. Tapestry has a 12-month low of $25.99 and a 12-month high of $48.80. The company has a current ratio of 6.25, a quick ratio of 5.68 and a debt-to-equity ratio of 2.90.

Tapestry (NYSE:TPR) last issued its quarterly earnings results on Thursday, May 9th. The luxury accessories retailer reported $0.81 earnings per share for the quarter, beating the consensus estimate of $0.67 by $0.14. The business had revenue of $1.48 billion for the quarter, compared to the consensus estimate of $1.50 billion. Tapestry had a net margin of 13.80% and a return on equity of 41.75%. The company’s revenue for the quarter was down 2.0% on a year-over-year basis. During the same quarter in the previous year, the firm earned $0.78 earnings per share. As a group, equities research analysts expect that Tapestry will post 4.23 EPS for the current year.

Wall Street Analyst Weigh In

A number of equities research analysts have issued reports on the company. OTR Global reiterated a “mixed” rating on shares of Tapestry in a research note on Wednesday, April 17th. Wells Fargo & Company lifted their target price on Tapestry from $50.00 to $60.00 and gave the company an “overweight” rating in a research note on Friday, February 2nd. Evercore ISI upgraded Tapestry from an “in-line” rating to an “outperform” rating and upped their price target for the stock from $30.00 to $50.00 in a research note on Monday, February 5th. StockNews.com raised shares of Tapestry from a “hold” rating to a “buy” rating in a report on Thursday, April 18th. Finally, Telsey Advisory Group reissued an “outperform” rating and issued a $54.00 target price on shares of Tapestry in a report on Wednesday, March 27th. Six analysts have rated the stock with a hold rating and twelve have issued a buy rating to the company. According to MarketBeat, the stock presently has an average rating of “Moderate Buy” and an average price target of $47.81.

Tapestry Company Profile

Tapestry, Inc provides luxury accessories and branded lifestyle products in the United States, Japan, Greater China, and internationally. The company operates in three segments: Coach, Kate Spade, and Stuart Weitzman. It offers women's handbags; and women's accessories, such as small leather goods which includes mini and micro handbags, money pieces, wristlets, pouches, and cosmetic cases, as well as novelty accessories including address books, time management and travel accessories, sketchbooks, and portfolios; and belts, key rings, and charms.